USD/JPY hits 121.00 mark

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The USD/JPY currency exchange rate was steeply rising since March 14 in a channel up pattern. On Tuesday, the pattern was broken to the upside. By the middle of the day's trading, the pair had already reached the 121.00 mark, which acted as resistance. Meanwhile, a minor retracement appeared to have found support in the 120.50 mark.

If the US Dollar continues to gain against the Japanese Yen, the rate would have to pass above the 121.00 mark. Higher above, note the 121.50 and 122.00 level, and the weekly R3 simple pivot point at 122.09.

On the other hand, a retracement downwards is set up to find support in the 120.50 and 120.00 levels. In addition, the 120.00 mark is being strengthened by the weekly R1 simple pivot point. However, in regards to the pivot points take into account that the pair is ignoring the weekly R2 at 120.75.
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